Abstract
This note proposes the continuous treatment approach as a valuable alternative to propensity score matching for evaluating economic effects of merger and acquisitions (M&As). This framework allows considering the variation in treatment intensities explicitly, and it does not call for an arbitrary definition of cutoff values in traded ownership shares to construct a binary treatment indicator. We demonstrate the usefulness of this approach using data from European M&As and by relying on the example of post-M&A employment effects. The empirical exercise reveals some heterogeneities over the whole distribution of acquired ownership shares and across different types of M&As and country groups.
Originalsprache | Englisch |
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Seiten (von - bis) | 447 - 455 |
Fachzeitschrift | Industrial and Corporate Change (ICC) |
Jahrgang | 25 |
Ausgabenummer | 3 |
DOIs | |
Publikationsstatus | Veröffentlicht - 2016 |